Tx counts + unique addresses — Deposit / withdrawal tx counts (bars) + unique depositing / withdrawing addresses (lines) — breadth vs volume
Exchange participation follows the movement or balance of Bitcoin at labeled market participants: Tx counts + unique addresses. It helps put exchange, whale, miner and custody activity into context.
Tx counts show volume of activity; unique addresses show breadth. Many addresses + small mean size = retail wave. Few addresses + large flows = whales.
Unique-address counts use HyperLogLog sketches (±2%), so read them as trends, not exact tallies.